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Cleveland-Cliffs to acquire AK Steel in $1.1 billion deal

“AK Steel shareholders will receive 0.4 share of Cliffs common stock for each share of AK Steel stock they own” writes Jordyn Grzelewski for CLEVELAND, Ohio — Iron ore mining company Cleveland-Cliffs Inc. will acquire West Chester-based steel maker AK Steel Holding Corp. in a $1.1 billion stock deal, the companies announced Tuesday.Cleveland-Cliffs, which is based in downtown Cleveland and bills itself as North America’s largest producer of iron ore pellets, will acquire all issued and outstanding shares of AK Steel common stock.Once the merger is complete, Cliffs shareholders will own 68% of the combined company, and AK Steel shareholders will own 32%, according to a news release.

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